May 07, 2014
LAWRENCEVILLE, NJ, May 7, 2014 – Edison Venturesannounced today that Andera Inc. has been acquired by Bottomline Technologies (Nasdaq:EPAY) for $44.5 million in cash and 102,000 shares of Bottomline stock. The sale to Bottomline generated attractive returns for Edison.
A Providence, R.I. company, Andera was founded by CEO Charlie Kroll in 2000. With early beginnings as a web development company in Kroll's Brown University dorm, Andera now sells software that allows banking customers to originate and fund new accounts and loans from mobile devices.
The company has helped over 500 bank and credit union customers process more than 4.5 million new account applications online. Andera's oFlows platform was named "Best of Show" atFinovate four times and Bank Technology News recently named Andera one of the "Top 10 Tech Companies to Watch." Today, Andera has more than 70 employees.
“We thank the entire Edison team for their support and significant contribution to the growth of our company,” said Charlie Kroll, Andera Founder and CEO. “Their strategic and practical advice helped Andera anticipate and solve many business challenges.”
“Charlie Kroll and the Andera management team had the domain expertise to build an impressive industry leader. Entrepreneurial dedication, product innovation and exceptional customer support enabled Andera to outpace its competition,” said Chris Sugden, Edison Managing Partner. The Edison Partners also thank Ron Averett, Edison Director Network Member and former CEO of Princeton eCom, for his guidance and service on the Andera Board of Directors.
Other notable Edison Fintech investments include Billtrust, Business Financial Services, Compliance Science, EdgeTrade, Folio Dynamix, Gain Capital, Liberty Tax, Princeton Financial System, Neat Company, Redvision, Scivantage and Trader Tools.
About Bottomline Technologies
Bottomline Technologies (Nasdaq:EPAY) provides cloud-based payment, invoice and digital banking solutions to corporations, financial institutions and banks around the world. The company's solutions are used to streamline, automate and manage processes involving payments, invoicing, global cash management, supply chain finance and transactional documents. Organizations trust Bottomline to meet their needs for cost reduction, competitive differentiation and optimization of working capital. Headquartered in the United States, Bottomline also maintains offices in Europe and Asia-Pacific. For more information, visit www.bottomline.com.
About Andera
Andera is a Software as a Service company that simplifies account opening and lending for banks and credit unions with its award-winning oFlows platform. The company has opened millions of accounts for hundreds of banks and credit unions across the nation.
Bottomline Technologies and the Bottomline Technologies logo are trademarks of Bottomline Technologies (de), Inc. which may be registered in certain jurisdictions. All other brand/product names may be trademarks of their respective owners.
